The Unsexy Truth About Millennials: They’re Poor

If you’re wondering why millennials don’t have much sex, and don’t buy cars, forget social theorizing: the harsh truth lies in their near-empty wallets.

Millennials are not some vast unsolvable mystery. According to a report from the U.S. Census Bureau (PDF), they earn $2,000 less than their parents did at a comparable age, they are more likely to live in poverty, and they are more likely to live at home.

But Baby Boomers and Gen Xers still seem to find it hard to believe that basic economic math can explain much of the younger generation’s behavior.